The season-ending arthroscopic debridement procedure has been scheduled for Wednesday, Yankees general manager Brian Cashman told reporters before Friday's home game against the Cincinnati Reds.
Six-time All-Star Sabathia has not pitched since May 10. He made eight starts this season before being sidelined, going 3-4 with a 5.28 ERA.
The once dominant veteran holds a 208-119 record with a 3.63 ERA over 14 years in Major League Baseball with stints with the Cleveland Indians and Milwaukee Brewers before joining the Yankees in 2009 and going on to win the World Series.
The team hopes the surgery will allow Sabathia, the 2007 AL Cy Young winner, to return to the mound by spring training next year and avoid microfracture surgery that could threaten the big left-hander's career.
"Hopefully, next year will be a different story," said Cashman, whose team is 47-47 so far this season, in third place five games behind the AL East-leading Baltimore Orioles.
The Yankees have lost four of their five-man rotation at the start of the season. Ivan Nova is out for the year after Tommy John surgery, and the Yankees are hopeful that Masahiro Tanaka and Michael Pineda can return in August.
(Reporting by Larry Fine in Winchester, Kentucky; Editing by Gene Cherry)